Not every entrepreneurial path is the same, but time and time again, startups fail. 90% of the time, entrepreneurs lose. For Placements.io, layer on the complexity of entering an already saturated market of ad tech, and the risk increases. You've got big players flexing their muscles alongside scrappy startups, all vying for attention.
I recently sat down with world-renowned host, Michael Kearny, on his podcast Grey Matter – a global and weekly podcast that features deep dive interviews with experts and opinion shakers – to discuss my own entrepreneurial journey with Placements.io, including some hard truths I learned along the way.
These are 6 tips I shared with Dark Matter, for other CEOs who might just be getting started.
- Go for the whales.
Don’t let the size of an organization or company deter you from selling. That can consume what kind of ambition you have. As tech innovators, we target customers who are experiencing the pain, and provide them with the opportunity to alleviate those challenges. Be fearless. Don’t let those names or the shine of how big the company is, persuade you.
- Emulate the leadership styles you like.
Exploring and adopting leadership styles that resonate with you is crucial, as it shapes your approach to managing teams and solving problems. Marc Benioff's emphasis on developing relationships and providing tangible solutions has influenced my leadership. Highlighting the importance of humanity in business has not only guided my decisions but has also fostered a more cohesive and proactive team environment.
- Jump into the gap.
Finding a gap in the market, and jump. Leaping into the gap is not only a challenge but a thrilling opportunity for innovation. This approach was epitomized in our work with Walmart, when Placements.io was in its infancy. Engaging with the brightest minds to tackle complex issues brought not just solutions, but also a profound sense of accomplishment and passion. It's in these moments that true excitement and inspiration are found, driving us to push the boundaries of what is possible.
- Passion and conviction matter.
These characteristics are fundamental to transforming any challenge into a successful venture. You need an unwavering passion not just for the product you are creating but also for the problems you are solving and the customers you are serving. Without this passion, the journey can become exceedingly difficult. True motivation often stems from a desire to prove something—to show that there is a better way to approach the status quo. This conviction must transcend mere financial goals; it must be about rectifying something fundamentally flawed in your industry, other products, or prevailing practices. But passion and conviction alone aren't enough—they must be matched by the capability to execute these ideas effectively, ensuring that your vision for improvement becomes a reality.
- Find investors that make sense for you personally, and professionally.
Choosing the right investors is crucial both for your personal alignment and professional success. It's important to partner with investor groups that are known for being supportive of founders. Investors vary greatly—some are hands-on operators, while others may focus purely on the financial aspects. Seek out investors who not only understand but also support your vision and are patient as you navigate the ups and downs of bringing your ideas to life.
- Don’t follow advice blindly.
Be confident enough to disregard guidance that doesn't seem applicable to your situation. Advice is often too general and fails to consider the specific context, burdens, and constraints you or your customers face. Trust your instincts. They’re shaped by the comprehensive information you possess and typically guide you toward the best outcomes. Trust your gut.
Bringing a product to market in a quickly evolving industry, like ad tech, is like a high-stakes game where innovation is your best bet, but it's also easy to get lost in the shuffle. On one hand, being a go-getter means you can shake things up and bring fresh ideas to the table. You're the one who can turn the industry on its head with a killer concept and lightning-fast execution. But with so many sharks circling, standing out can feel like yelling in a packed stadium during halftime. It takes serious hustle to navigate through the red tape, market shifts, and tech booms without losing your cool.
To listen to my conversation with Grey Matter in its entirety, click here. Apple Podcasts also has the full transcript available.
What are your best tips for entrepreneurial success? I’d love to hear it.
